The Dow Jones Industrial Average plunged over 973 points or 4 percent, while the S&P 500 and Nasdaq Composite fell 4.4 percent.

Boston Federal Reserve President Eric Rosengren believes the coronavirus is a ‘Black Swan’ event that will result in two-quarters of negative GDP growth coupled with a 10 percent unemployment rate for several months, a far cry from the current rate of 3.5 percent.

The blue-chip Dow plummeted 23 percent during the first three months of the year, its worst quarter since 1987. The S&P 500 fell 20 percent and the Nasdaq Composite shed 14 percent, their worst quarterly performances since the fourth quarters of 2008 and 2018, respectively.

Looking at stocks, oil companies got some attention on word the executives of the major energy companies will meet with President Trump on Friday to discuss the collapse in crude prices which fell 0.83 percent to $20.31 on Wednesday.

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The closing numbers are displayed after the closing bell of the Dow Industrial Average at the New York Stock Exchange on March 18, 2020 in New York. - Wall Street stocks plunged again March 18, 2020. (Photo by BRYAN R. SMITH/AFP via Getty Images)

Airlines were also in focus after data showed passenger traffic was down 86 percent in two weeks. Cruise operators were also lower amid renewed fears over the health of the industry.

Xerox ended its $35 billion attempted hostile takeover of HP, saying the COVID-19 pandemic has created conditions that hinder continuing its pursuit of the company.

Macy’s was removed from the S&P 500 as its market capitalization fell to $1.5 billion, the smallest in the index. The stock will be placed in the S&P SmallCap 600 starting on April 6.

These companies are hiring during the COVID-19 pandemic

The COVID-19 pandemic has sparked widespread unemployment, but these companies are still hiring.

Banks stocks were pressured as U.S. Treasurys rallied sharply and the yield curve flattened. The yield on the 10-year note was down to 0.630 percent.